Howard Smith testified he and Greenberg investigated how to convert losses in a manner that met accounting and legal rules.
October 26, 2016 at 06:03 PM
1 minute read
The former chief financial officer of American International Group Inc. testified Wednesday that Maurice “Hank” Greenberg overruled his objection to a plan to convert auto-warranty division underwriting losses into capital losses considered less harmful by investors.
“I frankly thought it was a waste of time,” said Howard Smith, the former longtime chief financial officer and business confidant of Greenberg.
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